# NOMURA Co.,Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第89期(2025/03/01－2026/02/28) (S100Y66D)
> Page: https://vizora.meequs.com/en/company/nomura
> Retrieved: 2026-09-30T19:50:26.663Z

## Company

Nomura, founded in 1942, is a company in General Contractors listed on TSE Prime. It has 2,154 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NOMURA Co., Ltd. |
| Ticker | 9716 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9716.T) |
| Listing | TSE Prime |
| Head office | 東京都港区台場2丁目3番4号 |
| Representative (per filing) | 代表取締役 社長執行役員 奥本 清孝 |
| Founded | Dec 1942 |
| Share capital | ¥6.5B |
| Employees (consolidated) | 2,154 |
| Average salary (parent only) | ¥9.5M |
| Fiscal year end | February |
| Website | www.nomurakougei.co.jp (https://www.nomurakougei.co.jp/) |
| Corporate number | 4010401023652 |
| EDINET | E04835 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100Y66D, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.2 | 84 |
| Profitability | 69 | 92 |
| Cash conversion | 61 | 91 |
| Efficiency | 91.8 | 92 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- Nomura brought in ¥162.7B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +8.3% from the prior year, operating profit +44.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥162679000000 → ¥9134000000
- Net income → operating cash flow: ¥9134000000 → ¥10865000000（difference ¥1731000000）
- Main uses of operating cash flow: CapEx ¥1211000000 / dividends ¥3557000000 / buybacks —
- Change in cash: ¥6230000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥162.7B |  |
| Operating income | ¥12.8B | Margin 7.9% |
| Net income | ¥9.13B | Margin 5.6% |
| Free cash flow | ¥9.65B |  |
| Employees (consolidated) | 2,154 |  |
| EPS | ¥72.15 |  |
| Diluted EPS | ¥72.14 |  |
| Book value per share | ¥449.14 |  |
| Equity ratio | 65.1% |  |
| Shares outstanding | 119,896,588 |  |
| Treasury shares | 8,303,700 |  |
| Shareholders | 11,259 |  |
| Average salary (parent only) | ¥9.5M | Filing company only |
| Cash ratio | 39.4% | Cash ÷ revenue 23.1% |
| Vs. industry median margin | +1 pp | General Contractors |
| ROE | 16.4% | Derived from disclosed figures |
| ROA | 9.2% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 39% of total assets
- FY2026, parent-company salary changed +23% over five years

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥107736000000 | ¥162679000000 | +51.0% |
| Operating income | ¥4882000000 | ¥12818000000 | +162.6% |
| Operating margin | 4.5% | 7.9% | +3.3 pp |
| Employees | 2,004 people | 2,154 people | +7.5% |
| Cash and equivalents | ¥33847000000 | ¥37552000000 | +10.9% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ディスプレイ事業 → 事業再編・廃止 | 99.3% |
| 飲食・物販事業 → 事業再編・廃止 | 0.7% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 162,679 | 100.0% | S100Y66D |
| Cost of revenue | 129,909 | 79.9% | S100Y66D |
| Gross profit | 32,769 | 20.1% | S100Y66D |
| SG&A | 19,950 | 12.3% | S100Y66D |
| Operating income | 12,818 | 7.9% | S100Y66D |
| Ordinary income | 13,014 | 8.0% | S100Y66D |
| Pretax income | 12,876 | 7.9% | S100Y66D |
| Income tax | 3,742 | 2.3% | S100Y66D |
| Net income | 9,134 | 5.6% | S100Y66D |
| Net income attributable to owners | 9,134 | 5.6% | S100Y66D |

## Per ¥100 of revenue（FY ending Feb 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 12 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 20.1% → Operating margin 7.9% → Net margin 5.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.3%; Core profit growth: +44.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.33×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 150,256 | 162,679 | 12,423 | +8.3% |
| Gross profit | 27,378 | 32,769 | 5,391 | +19.7% |
| Operating income | 8,897 | 12,818 | 3,921 | +44.1% |
| Net income attributable to owners | 6,757 | 9,134 | 2,377 | +35.2% |
| Operating cash flow | 1,675 | 10,865 | 9,190 | +548.7% |
| Free cash flow | 1,186 | 9,654 | 8,468 | +714.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 143,689 | 11,086 | 7.7% | 7,795 | 6,310 | 4,305 | S100LENE |
| FY ending Feb 2021 | 107,736 | 4,882 | 4.5% | 3,071 | 5,671 | 4,318 | S100O4CQ |
| FY ending Feb 2022 | 111,081 | 5,431 | 4.9% | 3,984 | 5,286 | 4,412 | S100QTK7 |
| FY ending Feb 2023 | 110,928 | 3,113 | 2.8% | 2,229 | -3,507 | -4,080 | S100THC5 |
| FY ending Feb 2024 | 134,138 | 5,213 | 3.9% | 3,862 | 6,124 | 5,751 | S100VSO4 |
| FY ending Feb 2025 | 150,256 | 8,897 | 5.9% | 6,757 | 1,675 | 1,186 | S100Y66D |
| FY ending Feb 2026 | 162,679 | 12,818 | 7.9% | 9,134 | 10,865 | 9,654 | S100Y66D |

## People and productivity（FY ending Feb 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥75.5M |
| Operating income per employee (consolidated) | ¥6M |
| Net income per employee (consolidated) | ¥4.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,952 | 1,896 | 1,967 | 2,039 | 2,154 |
| Average salary (parent company) | ¥7.8M | ¥7.8M | ¥7.9M | ¥8.9M | ¥9.5M |
| Average age (parent company) | 41.8 years | 42.0 years | 41.6 years | 41.2 years | 40.9 years |
| Average tenure (parent company) | 12.6 years | 12.9 years | 11.7 years | 10.9 years | 10.3 years |

Year over year: Employees (consolidated) +5.6% · Revenue (consolidated) +8.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 10,865 | 6.7% | S100Y66D |
| Capital expenditure | 1,211 | 0.7% | S100Y66D |
| Free cash flow | 9,654 | 5.9% | 算出 |
| Investing cash flow | -999 | -0.6% | S100Y66D |
| Financing cash flow | -3,657 | -2.2% | S100Y66D |
| Dividends paid | 3,557 | 2.2% | S100Y66D |
| Change in cash | 6,230 | 3.8% | S100Y66D |
| Cash and equivalents | 37,552 | 23.1% | S100Y66D |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 37,077 | 29,527 | 32,613 | 31,322 | 37,552 | S100THC5, S100VSO4, S100Y66D |
| Total assets | 78,967 | 79,138 | 86,697 | 102,500 | 95,333 | S100QTK7, S100THC5, S100VSO4, S100Y66D |
| Net assets | 48,677 | 49,018 | 50,306 | 54,281 | 62,035 | S100THC5, S100VSO4, S100Y66D |
| Share capital | 6,497 | 6,497 | 6,497 | 6,497 | 6,497 | S100QTK7, S100THC5, S100VSO4, S100Y66D |
| Trade receivables | 19,480 | — | — | — | — | S100QTK7 |
| Inventories | 7,216 | 1,002 | 955 | 1,186 | 1,071 | S100QTK7, S100THC5, S100VSO4, S100Y66D |
| Property, plant and equipment | 7,347 | 7,506 | 7,541 | 7,585 | 7,890 | S100QTK7, S100THC5, S100VSO4, S100Y66D |
| Intangible assets excluding goodwill | 2,673 | 2,202 | 1,639 | 1,057 | 639 | S100QTK7, S100THC5, S100VSO4, S100Y66D |
| Goodwill | 25 | — | — | — | — | S100O4CQ |
| Investment securities | 2,024 | 3,029 | 2,989 | 2,502 | 4,016 | S100QTK7, S100THC5, S100VSO4, S100Y66D |
| Current assets | 64,913 | 64,713 | 72,026 | 88,356 | 79,327 | S100QTK7, S100THC5, S100VSO4, S100Y66D |
| Current liabilities | 25,117 | 24,962 | 31,324 | 43,228 | 28,659 | S100QTK7, S100THC5, S100VSO4, S100Y66D |
| Trade payables | 15,921 | 18,280 | 20,575 | 30,259 | 12,033 | S100QTK7, S100THC5, S100VSO4, S100Y66D |
| Total liabilities | 30,290 | 30,120 | 36,391 | 48,218 | 33,298 | S100QTK7, S100THC5, S100VSO4, S100Y66D |
| Equity attributable to owners of parent | 48,357 | 48,041 | 49,163 | 53,016 | 58,622 | S100QTK7, S100THC5, S100VSO4, S100Y66D |
| Retained earnings | 36,043 | 35,686 | 36,764 | 40,513 | 46,078 | S100QTK7, S100THC5, S100VSO4, S100Y66D |
| Treasury stock | -1,081 | -1,075 | -1,069 | -1,053 | -1,047 | S100QTK7, S100THC5, S100VSO4, S100Y66D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 40% | S100Y66D |
| Inventories | 1% | S100Y66D |
| Property, plant and equipment | 8% | S100Y66D |
| Intangibles and goodwill | 1% | S100Y66D |
| Investment securities | 4% | S100Y66D |
| Other assets | 46% | S100Y66D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100Y66D |
| Other liabilities | 22% | S100Y66D |
| Equity | 65% | S100Y66D |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 78,967 | 79,138 | 86,697 | 102,500 | 95,333 |
| Equity | 48,677 | 49,018 | 50,306 | 54,281 | 62,035 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 37,077 | 29,527 | 32,613 | 31,322 | 37,552 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 4.9% | S100Y66D |
| Fixed assets ÷ total assets | 8.3% | S100Y66D |
| Goodwill ÷ parent equity | — | —, S100Y66D |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 39.4% |
| Cash ÷ revenue | 23.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 84.8% |
| Cash vs. profit gap | 1,731 JPY mn (of net income 19.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 38.9% |
| Shareholder payments — dividends / FCF | 36.8% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 9.2% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.6% | 1.41× | 5.0% | 1.63× | 8.2% | S100QTK7 |
| 2023 | 2.0% | 1.40× | 2.8% | 1.64× | 4.6% | S100THC5 |
| 2024 | 2.9% | 1.62× | 4.7% | 1.71× | 7.9% | S100VSO4 |
| 2025 | 4.5% | 1.59× | 7.1% | 1.85× | 13.2% | S100Y66D |
| 2026 | 5.6% | 1.64× | 9.2% | 1.77× | 16.4% | S100Y66D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.7% | 2026-02-28 |
| 有限会社乃村 | Major shareholder | 9.4% | 2026-02-28 |
| 有限会社蟻田 | Major shareholder | 9.2% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.3% | 2026-02-28 |
| 乃村工藝社共栄会 | Major shareholder | 3.6% | 2026-02-28 |
| 乃村 洋子 | Major shareholder | 3.0% | 2026-02-28 |
| 株式会社三井住友銀行 | Major shareholder | 2.5% | 2026-02-28 |
| 乃村工藝社従業員持株会 | Major shareholder | 2.2% | 2026-02-28 |
| 日本生命保険相互会社 | Major shareholder | 1.6% | 2026-02-28 |
| 第一生命保険株式会社 | Major shareholder | 1.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第89期(2025/03/01－2026/02/28) | S100Y66D | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y66D,, |
| 有価証券報告書－第88期(2024/03/01－2025/02/28) | S100VSO4 | 2025-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VSO4,, |
| 有価証券報告書－第87期(2023/03/01－2024/02/29) | S100THC5 | 2024-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THC5,, |
| 有価証券報告書－第86期(2022/03/01－2023/02/28) | S100QTK7 | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTK7,, |
| 有価証券報告書－第85期(令和3年3月1日－令和4年2月28日) | S100O4CQ | 2022-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4CQ,, |
| 有価証券報告書－第84期(令和2年3月1日－令和3年2月28日) | S100LENE | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LENE,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).